How to create innovative products for the market
What do the wheel, the lamp and the airbnb have in common? All are innovative products that have changed the way we interact with a product or service forever.
Innovation has always been and continues to be part of our development. It is not a modern concept combined with current technologies or startup culture. For centuries, innovation has been developed to create something new and even exciting.
But an innovative product can’t be just a new product, it has to be an useful product as well.
Thus, when thinking about innovative products we must always have these two concepts in mind: novelty and utility. These are the foundations for successful innovative products.
Focus on these features and follow the steps below to create innovative products for the market.
1# Observe and frame
Harvard University – in its Design Thinking and Innovation course – defines this first step as “Clarify”. We divide it into 2 smaller steps: observe and frame. And what we get from that is a more detailed process of what we have to do.
The design of innovative products begins by observing the world around you. The needs of your customers. The problems of the market in which it operates. Something that exists out there that may also have success in Portugal, because even bringing here something new from abroad can be innovative.
To observe and help frame the world or audience around you, Harvard University advises you to ask the following questions:
– Where does my target audience come from?
– What are the “pains/difficulties” my target audience has in common?
– Why does the public need my solution?
– What benefit will my audience have?
Observations made, it is time to consolidate them and realize if there are any that stand out. Try to frame your observations not only in the target audience, but also within your skills and network. As we will see this will be essential in the next step.
Finally, always focus on the “big picture” and keep asking these questions constantly throughout the process of creating innovative products. If necessary, do not be afraid to re-frame your observations.
This observation process helps you find a problem. It is from this problem that we will create the solution.
Practical example
The startup market benefits from many incubators that help launch your business. But what about startup CEOs? Is there an incubator that prepares you for the challenges you will face?
At Lisboa Investments, we saw this problem and developed the solution: a Startups CEO incubator. Learn more about this concept here.
2# Idealization
Problem identified, now you must create the solution.
Here, the individual ingenuity of each one also comes in. Your academic , personal and professional background. Enter your network, the number and type of people you exchange ideas with, the trips you make, the experiences you had in your life.
However, if talent and vision will always be fundamental parts of the idealization of innovative products, it is possible to have a more analytical approach to this process. The following points will help you in this approach.
– Evaluate your resources. How can you use them to resolve the problems you’ve encountered?
– Is it possible to categorize the common “pains” you find in your audience? Looking for a product or a service? What kind of product or service? What are the values they seek?
– Finally, there is always a brainstorming process. And you can do it in many ways: mindmapping, storyboarding or crowd storming are some examples.
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3# Test
Before prototyping, test your idea. This will both save you resources of unsuccessful prototypes and help improve the quality of prototypes made based on tested ideas.
It’s certainly that you’re still at an early stage here, but you can test your idea using simple methods like SWOT Analysis or the Lean Canvas model. From this analysis, if necessary, rephrase your idea and remember step 1: keep looking at and framing your observations as you go through the process of creating innovative products.
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Idea for a startup? Test it with Lean Canvas
4# Develop
We enter the prototyping phase of your solution. The goal here is to prototype and test, observe the results, adjust according to that observation, and retry.
If nothing you’re developing works, go back one, two, or even three steps and check what’s failing.
5# Implement
We have reached the last step in creating innovative products. With the product or service tested, it is time to launch it in the market. Now you have to give it life and make it reach the greatest number of people, that’s the only way to create a successful innovative product.
At this stage, the business plan, the investment capture and the communication skills are crucial, either to attract investors or to advertise the product and reach the largest number of people.
Finally, a tip: even after the product is launched, continue to test it in your target market, adjust it and update it to market needs. Only then will it remain a useful solution.
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